A street art mural related to the Covid-19 pandemic, Birmingham, UK, April 6. Bloomberg
A street art mural related to the Covid-19 pandemic, Birmingham, UK, April 6. Bloomberg
A street art mural related to the Covid-19 pandemic, Birmingham, UK, April 6. Bloomberg
A street art mural related to the Covid-19 pandemic, Birmingham, UK, April 6. Bloomberg

Where is the vaccine against conspiracy theories?


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International research is under way to better understand the psychological, social and neuroscientific effects of the Covid-19 pandemic. The early work has established what many of us would have anticipated: a rise in rates of depression and anxiety.

Our own survey work across the UAE of 1,051 people and counting, undertaken by psychologists at Zayed University, echoes these findings.

Beyond depression and anxiety, however, there is a host of other psychological implications connected with the current crisis.

Uncertainty is one of the psychological consequences of Covid-19 we are all experiencing.

When will it end? What are the long-term effects of contracting the illness? When will we find a vaccine? What will happen to my job?

READ Mental health help in the UAE during the coronavirus crisis: five organisations to know about

Rumours tend to rise in times of uncertainty. Occasionally, idle talk morphs into full-blown conspiracy theories.

Unlike more harmless rumours, conspiracy theories centre on a rejection of mainstream ideas and common sense in favour of a more sinister and secret narrative.

Dangerous ideas are being peddled about the virus being caused by 5G wireless networks (#5GCoronavirus).

There is also the bizarre notion that the whole pandemic is an overblown hoax (#Covid-19hoax).

Then there is the outlandish proposal of this being the plot of certain philanthropists to depopulate the planet.

These opinions spread via social media and have made some people disregard the advice to maintain physical distancing.

They have incited others to set fire to 5G towers, at a time when telecommunications are vital to the emergency services and the general public.

Graffiti, London, April 16. Hannah McKay / Reuters
Graffiti, London, April 16. Hannah McKay / Reuters

A 2019 Pew Research Centre study suggests that 62 per cent of adults in the US get their news from social media.

In our survey in the UAE, which explores the psychological consequences of Covid-19, social media was also reported as the primary source of news about the virus.

Unfortunately, social media can act as a petri dish for conspiracy theories, where half-truths cross with decontextualised facts and outright delusions.

The resulting ideas often go viral, infecting the minds of millions of people around the globe.

Conspiracy theories centre on a rejection of mainstream ideas and common sense in favour of a more sinister and secret narrative

The current pandemic has created the perfect psychological conditions for conspiracy theories to propagate, mutate and flourish.

Social media is the wind carrying these noxious notions far and wide.

To flatten the Covid-19 curve, it will help if we can find ways of flattening the conspiracy theory curve too.

Last week Facebook announced it would inform users if they had liked or commented on Covid-19-related posts that later turned out to contain harmful misinformation.

This is a start, but think of the millions of other passive readers, those who didn’t like or comment on the posts, but still exposed themselves to toxic ideas. Can we vaccinate people against conspiracy theories? Some would argue that this is one of the goals of our education system.

Another significant psychological consequence of the Covid-19 pandemic, or rather our response to it, is rising levels of loneliness. Physical distancing and lockdown measures have disrupted and diminished opportunities for face-to-face social interaction.

SocialPro, a popular social psychology website, undertook an email survey on this topic among people across North America and the UK. Lockdown-related loneliness was found to be 70 per cent more common among millennials than in baby boomers.

Men also reported experiencing higher levels of “lockdown loneliness” than women, with millennial men the loneliest of all.

Our survey data for the UAE tells a similar story. Loneliness and a sense of social isolation are key concerns for many, but particularly for residents who are physically separated from friends and their immediate and extended families.

More conspiracy graffiti in London, Britain, 14 April. Neil Hall / EPA
More conspiracy graffiti in London, Britain, 14 April. Neil Hall / EPA

Of course, this is where social media and digital platforms can play a health-promoting role and provide meaningful and enriching social interactions.

This sense of connection and belonging is an essential protective mechanism in these difficult times.

Watching our neighbours share their musical abilities on balconies or gathering for an online book club can promote a healthy sense of "we".

Boki Prekovic plays his accordian in the afternoons from his balcony to keep residents stuck at home entertained, The Greens, Dubai. Chris Whiteoak / The National
Boki Prekovic plays his accordian in the afternoons from his balcony to keep residents stuck at home entertained, The Greens, Dubai. Chris Whiteoak / The National

What impact might the communal fasting and other Ramadan rituals have on the psychological well-being of those celebrating the holy month?

It is in this time that we need high-quality research to better understand the psychological consequences of what we are going through.

Justin Thomas is a psychology professor at Zayed University

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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